Elon Musk is accused of insider trading in the Dogecoin case, he could lose $258 billion

A group of investors accuses Elon Musk of insider trading. He would have used all the means at his disposal to tamper with the course of a cryptocurrency and, in the process, pocket a nice jackpot at the expense of the plaintiffs.

Credit: 123rf

The lawsuit between crypto investors and Elon Musk has just begun in US federal court. Tesla CEO faces class action lawsuit that could cost him no less than 258 billion dollars. Irony of the calendar, or simple coincidence, the fact remains that the multi-billionaire has just recovered his title of richest man in the world. Back to the Dogecoin crash case.

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According to the complainants, Mr. Musk allegedly manipulated the price of Dogecoin, and would have cost them billions of dollars. They thus accuse the American-Canadian businessman of having used various tactics to make profits at their expense. We remember thatin April 2023, he had changed the logo of Twitter by a head of Shiba, the Dogecoin logo.

Elon Musk is once again accused of using Twitter to manipulate prices

This pirouette caused the price of the virtual currency to explode and would have allowed the tycoon to resell for 124 million dollars of this currency. According to the group of investors, Musk controls multiple Dogecoin walletsand that’s why they think he was able to manipulate the price.

To read – Bitcoin, Ether: the United States wants to increase the electricity bill of miners by 30%

To do this, the former CEO of Twitter would also have paid influencers, participated in a television show and carried out other actions that were all aimed at bringing attention to Dogecoin. Elon Musk allegedly intentionally manipulated the market and used his knowledge to trade stocks or assets in ways that benefited him but hurt others driving up the price of Dogecoin (+36,000%) over the past two years, then letting it drop. The lawsuit between Musk and the investors has just begun and may not be resolved for a long time.

Source: The Guardian

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